§ 158. Deposits by Library of Congress Trust Fund Board with Treasurer of United States

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In the absence of any specification to the contrary, the board may deposit the principal sum, in cash, with the Treasurer of the United States as a permanent loan to the United States Treasury, and the Treasurer shall thereafter credit such deposit with interest at a rate which is the higher of the rate of 4 per centum per annum or a rate which is 0.25 percentage points less than a rate determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding long-term marketable obligations of the United States, adjusted to the nearest one-eighth of 1 per centum, payable semi-annually, such interest, as income, being subject to disbursement by the Librarian of Congress for the purposes specified:

Provided, however, That the total of such principal sums at any time so held by the Treasurer under this authorization shall not exceed the sum of $10,000,000.

(Mar. 3, 1925, ch. 423, § 2, formerly § 1, 43 Stat. 1107; renumbered § 2, Apr. 13, 1936, ch. 213, 49 Stat. 1205; amended June 23, 1936, ch. 734, 49 Stat. 1894; Pub. L. 87–522, July 3, 1962, 76 Stat. 135; Pub. L. 94–289, May 22, 1976, 90 Stat. 521.)

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Mar. 3, 1925, ch. 423, § 2
43 Stat. 1107
Apr. 13, 1936, ch. 213
49 Stat. 1205
June 23, 1936, ch. 734
49 Stat. 1894
Pub. L. 87–522
76 Stat. 135
Pub. L. 94–289
90 Stat. 521

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§ 158

Deposits by Library of Congress Trust Fund Board with Treasurer of United States

Stat.×4

ActMar. 3, 1925, ch. 423, § 2

Stat.43 Stat. 1107

ActApr. 13, 1936, ch. 213

Stat.49 Stat. 1205

ActJune 23, 1936, ch. 734

Cites 10 · showing 5Cited by 4 across 1 source